Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-06-16

4 u
| II T. saih The Cincinnati crowd will in'iL
| before putting no bat Kershtw's tfaieS lee
| Ttinsiaied. This EggIestOn. kprshaw's
| p,IiroT, (. able TO do himself u he choo>c'
| KcI>haw said Just before the opening ~
| Tie board tbs morning: ~ viii ply nag
| differences to-day and margins 70 the mir.
| kd." wiltshire sid Kershiw HIS
money and will 90 through today all
| right"
| ANXIOUS CONMTsSt0SMEN
| There were many anxious c0mmiss on
| men in Toe vicinity ~ the Board OF Trade
| list n'eht. Their offices were lighted, anl
| they and their clerks worked at their hook
| until long after midnight. The Sight pre-
| Scnted il the neighborhOod was an unusnt
| one. ms every Office building there was
| LIGHTED from top to bottom. Even a casual
| observer would have suspected something
wrong. There was no trouble IN tlndiD"
| commission. men who bad been caught IN
| the great break OF q few hours before, and
| les trouble in prevailing upon them 10
| talk. The universal opinion was th,t
| everything hinged upon kershaw'S ability
| 10 meet the demands for margins, and th1t
unless be dId 30 bis failure would carry
| down from thirty to fifty houses. There
we've some few who thought that il Armour
|
- biz on,sv would come for ward this
morning and help sustain the market that a
| Soriablr panic could he ayerted, bit even
| they claimed that great deaf depended or
| Nj. keTshaw.
LOST AID Won.
| hat fortunes were lost and won during
| the day no one can accurately estimate. II
| is estimated that not less than 100, 600 $50
| bushels we're traded in during the day, rep.
| re,cuiirg IN average loss or gam OF ! 10
| Sc. a bu>hel-S7,O00, 600 to SS000.000
| There was a loss OF over Sl,G00,00e in cIsn
| wheat alone, besides the shrinEagc on ftl-
| turcs. one bear who sold largely early in
| the day and bought at the close l. credited
| with clearing 52j0,000 on the days opera.
| tioBs. A crowd OF big bear sea perS made
| not less than $1,000 900 altogether during
| tie dav.
President Wright. OF the Board OF Trade.
| said 10 reporter "The effect Of the break
| VIII he tC clear the atmosphere, 81 that com-
| nGce en- "a. on IN its accustomed grooves.
| TIC tendency is TO equaliZe this with toe
| other markets OF the world, and put stock,
| in ibclr ltaltimlte channels. Tn actual,
| result, OF course, is a rather serious one,
| In, hopc-in fact, have no reason to APP
| pref erd anything further
-
is now back in its normal condition aud
not .ubjeci TO abnormal influence. don,
| think we VIII have any more cliqueS for
| awhile. Yet n the Onei Just collapsed has Bit
| ten on mtrc than IL could chew the lesson
won't be- FORGOTTEN soon. The matter, oil
| course. l. "A serious one, but II viii son Ice
| oil rI9ht again. The deal was undoubtedll
| the llrgtSt one ever run ia CHICAGO and
| th,Ie va. more wheat bought tnIn ever De-.
| foIc. | d. not apprehend any seriou'
| hICak from the Pre- sent prices, As the market
| i low down 10 a level with other mlrAel-.
AENoUR's VIEWS.
| /. u. Armour. when asked what ofec'
| tbr panic would have on financial affair,
said: Nutc whatever. In week from
| now YOU won't know that there VA
wheat dc Il or coffee deaf either. Toe a..
| uo,uhere will be an cleared 10 in loss n -
a week from now. All losses were made
some time ago. Wheat was mar incd up
| TO rcary 4, value. II not quit, and thn
| bsrk> were ali amply secured. ! don't
| look upon this break rs any great calamity
| al al. Whatever wheat there i i wanted
| ,or ,Xpofl, aHd II viii bring as good prices,
| ii not peter. than before the break. Wheat
| AZ zoe. hnsLcl /. better thln gold dollars
at uineiv csrt-. ION see, people abroad
| want the sluI aud they ave gong 10 hay
| it. II l. Eood thing that this break clme
Wien IL dId: post everybody expected u;
| and a. soon q, the fury Is over beiiey,
| that it will make money ea,ier.'
MORE SUSPENSIONS.
| There Va- IN cnormou- crowd on the
| lO1r AID ~ lhc gillcrr. Of tbe Board OF
| Trade tong before The opening bout thi-
morning. When the he'll sounded at $3.50
roar went up, and the days session began.
| Ftist salts III wheat were at 1jtc. Tor
| June and 1Cc. for July, which ~a' an nd.
vance OF &C.. and T.. respectively. soon
| rropcnirg President Wright ANNOUNCED
| The Suspension Of three -miil tirnl,-viZ
| j. II You>l x Co. b j. McCie9ry. and
| &. orr. TIE ,u>ucc~ion Of these firms dit
| rCt cause aly excitement, IL they were iD
no gay identified with the clique. AZ lO
| o'clCck The prize was 114c fortune ant
| 7.3r. Tor July. Toe SUSPENSION ~ Picker.
Ing II Co.. another .mdl firm, wac an
| nouurcd shortly after 10 o'clock.
| ruE EXCITEMENT Is cHICACO-A NUMBER or
| FAItrEES ANNOUNCED.
| CuIcaG0. June 1j.-Up 10 halt past II eight
| faiim, q Lad been announced. The excitement
| IN the pit increased fat and the hears wero
| sayactly raiding The market. At ii:j2 ~ ".
| July vas sent down 20 exc. from that II
| dropped 20 ~ e., thon - e., then exc, then
| pc, then ne, then Ia ono jump TO nc
| Another drop 20 iOl.c. was rccoric nj two
| minutes past noon. FROM this point n declined
| 10 1Cc.. then recovered in Jumps OF re. -
| 1piIc and lie then back 20 20 o.. and al 1911
| Z. VI. Was H.. for july and 1l5ac. for jun.
| few minute, at'cr noon hcrshaw * Co. were
| ofcialy posted rs having failed 10 g through
| the clearinghouse. This meant their cOiapse.
| The immediate cause OF the failure was kOS0n-
field 81 Co.. wEo garnsheed kershaws account
in tie American Exchange National Bank.
| The closing half-hOur on Change witnessed
| nm almost complete subsistence OF the Intense
| excitement which prevailed when wheat broie
| % 1Oc shortly after noon the announcement
| hat Eci-haw had failed tpIneet his clearing
| house difference was posted, but It seemed 10
| hive litic or 40 effect on Prices. kershaw saTs
| he could have met all claims against his firm
| if Resented had not garnishccd the money
| which he checked against thereby tying up
| eIOC co, which iunor says be had TO hi-
| Tho following firms a'so failed to 90 thong
| the clearinghouse: =. ID. Eldridge, X. VI. Il.
| Crofts d Co.. X. II. Mathews, loust & Brorly
| g. j. mcClcary. H. j. loust & Co., hiobari y
| Co.. and Iick0!lIg & Co. just before the close
Il the session T.. T. Bedding q Co. announced
| that they were even on tho market AMI ro-
| questcd TINT their trade should not be closed
| out Tho morning session closed WIN iTiner
| feeling. During nc last hour July wheat aur-
| tuatcd between 1l7ac. and 72'sc, the latlet
| figure Icing the highest Of the hour
GENERAL REVIEW OF TIE DAY.
| Everybody was On the qlI riUe for deyelOp-
| ments, and Whiie the excitement did not ran
| as high as yesterday the feeling was far moro
! nervous aud ieversh. The uncertainty OF the
financial standing OF some Of tho houses was
| what caused the greatest anxiety, aud az ono
| firm after anOthcr-5Ome twelve 10 fourteen In
! all-caye notice that they were unable % fur
| Their MARGIN their trades, and asked to have
| the trades closed out. the anxiety increased,
| not Knowing who would be noEt Outside IN
| nuenccs counted for nothing. Everything de-
| pended on local developments. Many com
| mission merchants haze refused temporarily
| 20 mako neW tra4os, and arc giving all thei.
| attention 20 tie settling up OF their old
| business. Ike opening was wild and ex-
cited. and a. tho announcement was
made ~ one Of The principal firms connected
| with tho long side that al margins would be
| pat VI, the market became very strong. ana
| prices were. after numerous sudden uurtul-
| lions, started up. advancing TO q point &c.
| higher for June, &c. higher for July, and la
| iLc higher for other futures than the closing
| figures II yesterday. But the advance brought
| out heavy offerings again, and then came the
| announcement one after another from 1rIns
10 close out their trades, and panic quickly
| followed. Fluctuations were very frequent
| but each temporary reaction resulted In prices
| dropping lover and lOwor until toward noon
| when there was a temporary lull and the mar
| ket ruled steady for awhile. Operators ex-
| pected some further important announcement
at noon, and for i've minutes deatn-llke STILL
ness reigned but In this short interval the hauds
| OF the Indicator quietly recorded a drop OF y